WHITLEY CITY, KY – In a press release to WLAF, President/CEO Jim Johnson of United Cumberland Bank has announced today that UCB will provide payment assistance to loan customers that may be negatively impacted by the Coronavirus-COVID 19. “Although it is our sincere hope that any impact from this virus will be minimal to our communities, we felt the necessity to assist our customers to help ease some of the burden that could be felt,” CEO Johnson stated this morning.
“We are in a time with so much uncertainty regarding this virus,” said CEO Johnson. “UCB understands that our customers are having to deal with a lot of uncertainty and in some regards fear. No one can predict what is going to happen in the future regarding the economy and everyone’s health as it relates to the threat of this virus. We have always been there for our customers during stressful times such as now and we will continue those efforts.”
UCB will offer the two following forms of assistance:
- Customers making monthly mortgage payments to United Cumberland Bank on their primary residence will be able to request payment deferrals of up to three months.
- Business customers will be able to request up to six months of interest-only payments on any monthly payment commercial loan.
Assistance will be offered for three months beginning April 1st and will run through June 30th, at which time the program will be re-evaluated. In order to request assistance, simply contact your lender to discuss your situation. All that will be required is the completion of a modification agreement. Requests may only be considered for loans that are current in their payment status and held by United Cumberland Bank. Secondary market mortgages will not qualify.
“Our customers are concerned about their health and the health of their families.” says CEO Johnson. “There’s a lot of anxiety out there among the community and the last thing we want is for our customers to have to worry about their loan payments.” (WLAF NEWS PUBLISHED – 03/14/2020-7PM)